This is not good news my friends. This is the end of the never ending growth in America simply because there were no rules to make more money for the sake of making more money that was instilled by Republican policy over the last eight years. Those that made this situation possible have already taken the rewards of the fatted calf and can ride this depression out. Millionaires have that safety buffer to do so, do you?
Over at the New York Times they have this to say on a speechless Congress on hearing the news of our actual state of the union…
Congressional Leaders Stunned by Warnings
By DAVID M. HERSZENHORN
Published: September 19, 2008
WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.
As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”
When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”
“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.”
Although Mr. Schumer, Mr. Dodd and other participants declined to repeat precisely what they were told by Mr. Bernanke and Mr. Paulson, they said the two men described the financial system as effectively bound in a knot that was being pulled tighter and tighter by the day.
“You have the credit lines in America, which are the lifeblood of the economy, frozen.” Mr. Schumer said. “That hasn’t happened before. It’s a brave new world. You are in uncharted territory, but the one thing you do know is you can’t leave them frozen or the economy will just head south at a rapid rate.”
As he spoke, Mr. Schumer swooped his hand, to make the gesture of a plummeting bird. “You know we’d be lucky ...” he said as his voice trailed off. “Well, I’ll leave it at that.” - New York Times
In one day this election for President has changed from continuing the policies of Hoover or electing a new deal leader in Roosevelt. I think you all know who is following Hoover and who is following the footsteps of FDR.
I’m shocked, I’m pissed off, and I know that it was not the Democrat Party that sold America down the drain for the sake of making more and more money from the bottom of the food chain in the American economy. Getting past all of the blame we as a people need to move forward, change the way America deals with the markets, change the way we do not care what our political leaders are doing to our nation. Now is the time for change and now is the time for fresh blood in the Congress and in the White House. America and it’s people deserve to be saved just as much as the big banks and Wall Street firms that the Trillion Dollar bailout is going to fund.
Pick a candidate, McCain that follows the policies of Bush that caused this disaster or Obama that is offering a new path out of the disaster? It’s your choice but make sure you vote your wallet if you have not already sold off all of your investments because inflation is about to skyrocket here in America.
Un Freaking believable! Hat tip to Memeorandum for this post!